AS ESTIKO

ANNOUNCEMENT

22.04.1999

 

 

RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF AS ESTIKO SHAREHOLDERS 

 

The mandate committee issued ballots to the holders of E-shares for 

3 676 179 votes. 

Total of 3 676 179 votes represented by E-shares, i.e. 62.63%, 

participated in the annual general meeting.				

				

The resolutions of the annual general meeting were made as follows:	

 

1. To approve the 1998 annual report of AS Estiko, i.e. balance sheet

at volume of 101 276 042 EEK and income statement at net profit of 

6 794 209 EEK, and the 1998 annual report of AS Estiko group, i.e. 

consolidated balance sheet at volume of 248 582 thousand EEK and 

consolidated income statement at net profit of 6 792 thousand EEK.	

			

 

For: 		2,475,849 votes represented by E-shares, i.e. 67.35%	

Against: 	1,184,811 votes represented by E-shares, i.e. 32.23%	

Did not vote: 	   15,519 votes represented by E-shares, i.e.  0.42%	

 

 

2. To transfer 340 000 EEK of net profit earned by AS Estiko in 1998 to 

the account of reserve capital.				

 

For: 		2,442,948 votes represented by E-shares, i.e. 66.45%	

Against: 	1,217,712 votes represented by E-shares, i.e. 33.12%	

Did not vote: 	   15,519 votes represented by E-shares, i.e.  0.42%	

 

 

3. to retain the amount of net profit earned in 1998 for investments, 

and not to pay dividends to the holders of E-shares of AS Estiko for 

the financial results in 1998.				

 

For: 		2,111,801 votes represented by E-shares, i.e. 57.45%	

Against: 	1,548,704 votes represented by E-shares, i.e. 42.13%	

Did not vote: 	   15,674 votes represented by E-shares, i.e.  0.43%	

 

 

4. Guaranteed dividends on B1 preferred shares in 1999 is 10% of 

the share’s par value, or 1 EEK per B1 share. 

 

For: 		2,372,294 votes represented by E-shares, i.e. 64.53%	

Against: 	1,288,366 votes represented by E-shares, i.e. 35.05%	

Did not vote: 	   15,519 votes represented by E-shares, i.e.  0.42%	

 

 

5. Coupon rate on bonds in 1999 is 12% annually.				

 

For: 		3,618,738 votes represented by E-shares, i.e. 98.44%	

Against: 	   41,922 votes represented by E-shares, i.e.  1.14%	

Did not vote: 	   15,519 votes represented by E-shares, i.e.  0.42%	

 

 

6. To approve the 1999 expenditure budget for the Management and 

Supervisory Boards in volume equal to the respective level in 1998, and 

approve the salary for a member of the Supervisory Board 8.0 thousand 

EEK and for chairman of the Supervisory Board 16.0 thousand EEK.		

		

For: 		2,446,084 votes represented by E-shares, i.e. 66.54%	

Against: 	1,212,299 votes represented by E-shares, i.e. 32.98%	

Did not vote: 	   17,796 votes represented by E-shares, i.e.  0.48%	

 

 

7. To appoint Enn Leppik (ID code 34906212734, address Tööstuse 5a in 

Elva, auditor certificate nr 57, issued on 27.12.1991) of KPMG Estonia 

to audit the 1999 financial statements of AS Estiko and AS Estiko 

group. Payment for auditor’s services will take place on the basis of 

contract concluded with the auditor company.

			

For: 		2,424,474 votes represented by E-shares, i.e. 65.95%	

Against: 	1,228,861 votes represented by E-shares, i.e. 33.43%	

Did not vote: 	   22,844 votes represented by E-shares, i.e.  0.62%	

 

 

8. To recall the Supervisory Board of AS Estiko, including Kalju 

Hellenurm, Valve Kirsipuu and Neinar Seli. 

 

For: 		1,656,493 votes represented by E-shares, i.e. 45.06%	

Against: 	2,000,822 votes represented by E-shares, i.e. 54.43%	

Did not vote: 	   18,864 votes represented by E-shares, i.e.  0.51%	

 

 

Ilona Leib

Information manager

Tel. +372 74 73 649